Kategorija: Bookkeeping

It acts as an auditing tool, while a balance sheet is a formal financial statement. It’s one of the first lines of defense against accounting errors and a pivotal report within double-entry bookkeeping. Let’s look at what a trial balance is, how it works, the various types, and examples. This involves a systematic process where […]

Calculating wages requires considering several factors, such as working hours, perks and benefits, holidays, time off, and overtime. If your employees are eligible, you must pay them overtime for the additional hours they work. Let’s go back to the example of Steve, who earns $20 an hour, or $30 when he gets time and a […]

When you hire an external accountant, you will have access to their specialised skills and the wealth of knowledge they have accumulated over the years they have spent working in the field. Accounting software can be your secret weapon when it comes to managing your small business finances. This can be done for quite a […]

It helps keep the updated records, but with the advancement of technology and the availability of various software, the posting in balance has become the traditional concept. Some healthcare organizations are still resisting the adoption of automated payment posting. Believing direct human oversight of the posting process is more accurate, they ignore that the precision […]

This more specific breakdown allows for a more in-depth analysis of a business’s earnings, with a detailed comparative breakdown of gross, operating, and net profit margins. This added information can interest stakeholders who want to know more about how a company operates its business. A multi-step income statement uses three distinct formulas to present gross […]

To learn more about how Clio can help law firms to easily manage trust accounting and three-way reconciliation, while staying compliant, read our guide here. There are many types of reconciliation in accounting, with the best method for a situation generally depending on the type of account that you’re looking to reconcile. The errors should […]

It makes sure statements like the cash flow are accurate and truly represents the company’s financial health. A post-closing trial balance is a financial report prepared at the end of an accounting period to ensure that all temporary accounts have been closed and the company’s books are balanced. Posting accounts to the post closing trial […]

Content Should you do your accounting in-house or outsource for your startup? Know Your Tax Credits It Helps Ease Your Tax Worries Accounting for Startups — Starting Off on the Right Foot Why FinancePal Is a Trusted Accounting Solution for Startups In practice, this neat separation between contractor and employer might not always exist. In […]

This will allow you to quickly determine your financial health so that you can make intelligent decisions moving forward. Each asset account can be numbered in a sequence such as 1000, 1020, 1040, 1060, etc. The numbering follows the traditional format of the balance sheet by starting with the current assets, followed by the fixed […]

With our user-friendly customer portal, your clients gain complete control over their payment preferences, making late payments a thing of the past. As finance teams face increasing demands for agility, real-time cash flow forecasting is explain lifo reserve and lifo liquidation becoming essential. See how automated tools transform cash management, enabling proactive, data-driven decisions. There […]